The fiber cement market is expected to register a CAGR of approximately
5.1% during the forecasted period, 2018-2023.

Asia-Pacific economies like China and India, which are the major markets
for construction, are experiencing increasing residential construction,
thereby driving the market for fiber cement. In China, Beijing Municipal
Commission of Urban Planning and Land and Resources Management has
planned to allocate 6,000 hectares of land by 2021 to meet the demand
for 1.5 million units of residential houses. In India, the government is
planning to bring USD 1.3 trillion investment to bring homes to the
country's 1.3 billion people.

Based on application, the siding segment is dominant because of its
better intrinsic properties, therefore increasing its demand in the
residential sector. It is cost effective, highly durable and requires
low maintenance, making it preferable for fire and termite resistance,
and holding paint for longer years as compare to wood siding.

Asia-Pacific accounts for the highest market share of fiber cement in
the world because of rapid industrialization and growing construction
activities in China, India, and East Asian countries. China experienced
its own industrial revolution after moving towards a mixed economy and
government initiatives like the 13th Five Year Plan are increasing
construction.